Bitcoin Price Prediction as BTC Prepares For 30% Move Up
Bitcoin is buying and selling down 2% on the day after a much broader pullback in the worldwide markets. At the time of writing, BTC has been rejected from the $21,000 degree and is looking to consolidate in the $20,000 region before starting the next leg up.
Amazon dropped 20%, causing the price of Bitcoin to fall.
Due to lacking profits, Amazon noticed a considerable 20% drop in after-hours buying and selling. This brought about a vast sell-off inside the markets as fears of a recession resurfaced. Over $230 billion was wiped off Amazon's market valuation after the market closed, one of the biggest such decreases in history.
CEO Andy Jassy said in the company's Q3 earnings release,
Amazon's decline this year is indicative of the uncertainty in which tech titans around the world have found themselves, with this having knock-on effects in the cryptocurrency markets as well.
Meta, another large tech firm, has seen its stock price drop below $100 this week, bringing it back to 2015 levels.
Is the correlation between Bitcoin and US stocks fading?
The price of Bitcoin (BTC) is closely related to the value of equities, particularly technology stocks. Over the past few days, the correlation between Bitcoin and the S&P 500 has risen to 0.73 (blue).
Bitcoin Price Prediction as BTC Prepares For 30% Move Up
The current Bitcoin price is $20,159, with a $47 billion 24-hour trading volume. Bitcoin has dropped by more than 2% in the last 24 hours.
Bitcoin Price & Tokenomics - Source: CoinMarketCap
Bitcoin's upward trend appears to be weakening as it fails to break through the major resistance level of $21,000. Unsurprisingly, sellers are entering the market, causing a bearish correction and possibly profit-taking before the weekend.
At $21,000, Bitcoin has completed a 61.8% Fibonacci retracement, and candles closing below this level are causing a bearish correction. The RSI and MACD entered the overbought zone, adding to the bearish price action.
In contrast, the 50-day moving average suggests buying above $19,600. A break above the 61.8% Fib level has the potential to extend the buying trend to $21,900. If the current upward trend continues, Bitcoin could reach $22,500 within the next couple of days.
On the downside, Bitcoin's immediate support level is still near $19,900, where buyers could step back in.
A lower-than-expected rate hike from the Federal Reserve in the coming week may contribute to a 30% rally in Bitcoin and the wider altcoin markets. The next important date to look out for is: November 2nd for the Fed's interest rate decision.
Dash 2 Trade Presale – Quicker Profits?
For traders who are perhaps looking for gains in the shorter term, then presales are the way to go.
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At a time when presales are doing particularly well, D2T is poised to continue this positive momentum.
D2T tokens are currently available to purchase for $0.05 USDT but this price will increase as the presale goes on.